Memphis foreclosures fall for 5th straight month

The Memphis area's foreclosure rate continued to decline in September, according to new data from CoreLogic.

The foreclosure rate in the Memphis metropolitan statistical area fell to 2.24 percent in September — down from 2.31 percent in August, and down from 2.74 percent a year ago. The Bluff City's foreclosure rate has now decreased for five consecutive months.

Foreclosures in the Memphis area remain below the national average of 3.25 percent but higher than the state rate. Across Tennessee, 1.57 percent of all mortgages were in foreclosure in September.

The amount of delinquent loans in Memphis — defined as those 90 or more days late — ticked higher in September. According to CoreLogic, 8.55 percent of Memphis-area mortgages were delinquent in September, slightly higher than 8.52 percent in August but down from 8.92 percent a year ago.